Latest project will generate 1,000 new jobs
This is the third expansion project that the company undertakes in the free zone. The project adds to its world-class operation and confirms Coyol Free Zone’s leadership as the ideal park for Life Sciences, becoming a benchmark for its strategic partners, companies and investors.
The project is to be completed in two phases, the first of which requires an investment of approximately US$35 million and will mean jobs for 1,000 employees.
“For Coyol Free Zone, it is very satisfying to witness Establishment Labs’ growth as its success story is today recognized not only in Costa Rica, but around the world. It is a company that has grown in such a way that today it is rated among the most popular companies in the world, due to its great business vision and committed human capital,” said Álvaro Carballo, president of the Free Zone.
Coyol Free Zone’s commitment is to offer companies first-class infrastructure, environments that promote innovation and high-quality integrated services that support them as they position themselves in the world market.
A renowned track record
As part of its expansion plan with the SulayIöm Innovation Campus, Establishment Labs looks to double its manufacturing capacities to more than 1,900,000 implants per year, allowing them to cover the US and Chinese markets over the next few years. In addition, it will give special emphasis to research and development (R&D) in minimally invasive breast surgery through a specialized state-of-the-art operating room.
SulayIöm is designed to become a carbon-neutral plant and use sustainable materials, as well as environmentally friendly elements. Fun fact: Its name comes from the Bribri indigenous language and means “the place in the mountains in the center of the world”.
Establishment Labs has become the first Costa Rican company to be listed on the second largest electronic and automated trading system in the United States (Nasdaq), part of the New York Stock Exchange, where more than 3,800 renowned companies trade.
Currently, it is dedicated to the production of breast implants that are exported to 65 countries in Europe, Asia and Latin America. In addition, it works in the development of reconstruction technologies for women’s health, with innovation in silicone implants, 3D technology for planning breast augmentation and reconstruction surgeries, and regenerative medicine with enriched fat and fat cells.
About Coyol Free Zone
Coyol Free Zone leads the way in medical device exports in Costa Rica, generating US$2,000 million a year, which accounts for 58% of the exports produced by the manufacturing segment of the country’s Free Trade Zone Regime. It has been recognized by The European magazine as the Best Free Zone in Latin America 2020 and 2021, the Most Innovative Free Zone of the Year and Business Center for Life Sciences and Advanced Manufacturing. It is ranked #7 in the Top 10 Free Zones in the world by the international investment agency, fDi Intelligence, and is part of the Top Free Zones 2020 ranking in Site Selection Magazine.